Daijiworld Media Network – Dubai (AM)

Dubai, Apr 7: As per the recent estimates of the Ministry of Economy, the UAE government’s new foreign direct investment, FDI, law passed in 2018 could accelerate FDI flows by up to 20 percent this year, from the eight percent average growth rate.

According to Emirates 247, the landmark law is predicted to further strengthen the already business-friendly climate in the country.

The Annual Investment Meeting 2019 in Dubai happening from April 8 to 10 might see the law taking a prominent spot in the upcoming global FDI discussions.

Dawood Al Shezawi, CEO of Annual Investment Organising Committee said that attracting international investments is critical to the sustainable development of any country, and in the case of the UAE, to its economic diversification strategy. Higher FDI results in more job opportunities and stronger international ties and can lead to the faster realisation of the objectives of both UAE Vision 2021 and UN Sustainable Development Goals 2030, he said.

“Under the law, a powerful FDI unit will be established within the Ministry of Economy. It will propose FDI policies, identify priorities, formulate relevant programmes, and lead the implementation of the Cabinet-approved proposals. It will also oversee the establishment of a comprehensive database for UAE investments as well as assist in the registration and licensing of FDI projects, to name a few,” he added.

"As the country prepares for a post-oil future and continues to transition to a knowledge- and innovation-driven economy, the FDI law is going to be an influential factor that will drive the UAE’s socio-economic growth and development in the 21st century," Al Shezawi said.